Kiddle World uses a periodic inventory system and the retail inventory method to estimate ending Inventory and cost of goods sold. The following data are available at the end of the year: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales Cost $ 400,000 905,000 45,000 Beginning inventory Plus: Net purchases Freight-in Net markups Less: Net markdowns Goods available for sale (excluding beginning Inventory) Goods available for sale (including beginning Inventory) Cost-to-retail percentage Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Retail $ 535,000 1,310,000 Estimate ending Inventory and cost of goods sold (LIFO). Note: Round ratio calculation to 2 decimal places (l.e., 0.1234 should be entered as 12.34%.) 58,000 28,000 1,250,000 $ Cost 400,000 $ 905,000 45,000 950,000 1,350,000 $ Retail 535,000 1,310,000 58,000 (28,000) 1,340,000 1,875,000 (1,250,000) 625,000 Cost-to-Retail Ratio PANTHE

Kiddie Worid uses a penodic inventory system and the retall inventory method to estimate ending inventory and cost of goods sold The following data are avallable at the end of the year: Estimate ending inventory and cost of goods sold (LIFO). Note: Round ratlo colculation to 2 decimal places (l.e., 0.1234 should be entered as 12.34%.)